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RESOLUTION OF BOARD OF NATIONAL BANK OF THE KYRGYZ REPUBLIC

of June 15, 2017 No. 2017-P-12/25-9

About approval of the Provision "About Procedure for Carrying Out Separate Banking Activities by Banks of the Kyrgyz Republic in case of Introduction of the Mode of Temporary Administration or Began Liquidation Procedures"

1. Approve the Provision "About Procedure for Carrying Out Separate Banking Activities by Banks of the Kyrgyz Republic in case of Introduction of the Mode of Temporary Administration or Began Liquidation Procedures" it (is applied).

2. Recognize invalid:

- Item 39 of appendix to the resolution of Board of National Bank of the Kyrgyz Republic "About modification and amendments in some regulatory legal acts of National Bank of the Kyrgyz Republic" of November 16, 2012 No. 43/1.

3. To legal management:

- publish this resolution on the official site of National Bank of the Kyrgyz Republic;

- after official publication to send this resolution to the Ministry of Justice of the Kyrgyz Republic for entering into the State register of regulatory legal acts of the Kyrgyz Republic.

4. This resolution becomes effective since June 22, 2017.

5. To management of methodology of supervision and licensing to bring this resolution to the attention of commercial banks, National bank of development of the Kyrgyz Republic, OYuL "Union of Banks of Kyrgyzstan", regional managements and representative office of National Bank of the Kyrgyz Republic in Batken Province.

6. To impose control of execution of this resolution on the board member of National Bank of the Kyrgyz Republic T.Dzh. Dzhusupova.

Chairman of the board of National Bank of the Kyrgyz Republic

T. Abdygulov

Appendix

to the Resolution of Board of National Bank of the Kyrgyz Republic of June 15, 2017 No. 2017-P-12/25-9

Regulations on procedure for carrying out separate banking activities by banks of the Kyrgyz Republic in case of introduction of the mode of Temporary administration or began liquidation procedures

Chapter 1. General provisions

1. This Provision establishes procedure for carrying out separate banking activities, and also conditions of recognition by National Bank of the Kyrgyz Republic (further - National Bank) irrevocable remittance orders of the money and securities transferred by bank in trade and/or payment system in case of introduction of the mode of Temporary administration or began liquidation procedures in commercial bank or National bank of development of the Kyrgyz Republic.

2. This Provision extends to activities of the commercial banks of the Kyrgyz Republic including which are performing transactions according to the Islamic principles of banking and financing or having "Islamic window", taking into account the special terminology applied by them in case of banking operations, licensed by National Bank, and to National bank of development of the Kyrgyz Republic (further - banks), their clients, operators and participants trade and payment systems of the Kyrgyz Republic.

3. Responsibility for ensuring timely execution of regulations of this Provision, smooth functioning and observance of regulations of work trade and payment systems is born by banks, operators and participants of systems, and also depositaries and subdepositary. Responsibility of operators and/or participants of payment and trade systems is established in the relevant contracts / agreements between operators and participants of systems, and also between depositaries and subdepositaries.

Chapter 2. Basic concepts

4. Within this Provision it is determined that:

1) the irrevocable remittance orders of money and securities transferred by bank in trade and/or the payment system recognized as that by National Bank have legal force and are obligatory for the third parties in case of introduction of the mode of Temporary administration or began liquidation procedures of bank;

2) if the bank delivers irrevocable remittance orders of money or securities in trade and/or payment system after the beginning of the mode of Temporary administration or liquidation of bank, orders have no legal force and are not obligatory for the third parties only if the Temporary administrator or the liquidator will prove that the operator of system knew of the beginning of the mode of Temporary administration or liquidation of bank before remittance orders became irrevocable.

5. Contracts and bargains concluded under the condition suspensive prior to the beginning of the mode of Temporary administration or liquidation of bank cannot lead to cancellation of results of the clearing made through trade and/or the payment system recognized as that by National Bank owing to the beginning of the mode of Temporary administration or liquidation of bank.

6. The operator of system, the participant, the intermediary in calculations and clearing center since the moment when they knew of the beginning of the mode of Temporary administration or liquidation of bank, shall take all necessary measures not to allow money transfer or securities in trade and/or payment system.

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